FTX’s new CEO claims former CEO and convicted fraudster Sam Bankman-Fried has no remorse for his crimes and is only trying to reduce his prison sentence. Prosecutors recommended 40 to 50 years.
To make matters worse for Bankman-Fried, the current CEO said all this in a letter he sent to the judge.
Bankman-Fried could end up going to prison.
Breitbart News reports:
Current FTX CEO says disgraced fraudster Sam Bankman-Fried’s remorse is ‘non-existent’
In a scathing letter to Judge Lewis Kaplan, FTX Trading CEO John Ray claims that disgraced FTX founder Sam Bankman-Fried made “callously” and “demonstrably false” statements in his sentencing memo to secure a lighter prison sentence. According to Ray, the damage caused by SBF is “extensive” and his remorse is “non-existent.”
Ars Technica reports that Sam Bankman-Fried, the disgraced founder of the now-collapsed cryptocurrency exchange FTX, has been accused of repeatedly lying in his sentencing memo to avoid what he considers a “grotesque” maximum prison sentence of 110 years. In a detailed letter to Judge Lewis Kaplan, FTX Trading CEO John Ray argues that Bankman-Fried made several false claims to present himself in a better light and reduce his sentence to just five to six years, despite prosecutors suggesting a sentence between 40 and 50 years. years.
Ray says Bankman-Fried “continues to live a life of illusion” claiming that the “most reasonable estimate of loss” and “damage” to customers, lenders and investors is “zero.” In reality, Ray worked tirelessly to recover $10 billion in lost funds. Ray highlights the enormous task of addressing these claims and reducing them to the correct and “allowable” amount, saying that Bankman-Fried is “wrong, very wrong” in believing it is a “no-brainer.”
The judge will probably take all this into account when pronouncing the sentence and this is very bad news for SBF.
He may not be 50 but he won’t be 5 or 6 either.